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Podcast: All into Account
Episode: Equity Strategy: Feb Chartbook - Reiterate that long duration trade is to consolidate; USD could be bottoming out; Stay long Growth vs Value, US over Eurozone, OW Japan, cautious on China
Description: Speaker: Mislav Matejka, CFA
So far this year, US is ahead of International, Growth is outperforming Value, large caps are again beating small - Russell2000 is outright down on the year 3%, and China continued struggling. We believe that this, ultimately unhealthy, high concentration and narrow leadership is set to continue until something breaks. To buy Value, beta and International stocks, one needs to see a reflationary backdrop, in our view, but we could have the exact opposite. The risk is of a disappointment on both sides of the Goldilocks narrative. Fed cuts might still be overdiscounted, despite...